Core Insights - The 10th Bio-based Conference and Exhibition successfully concluded in Shanghai, featuring over 100 speakers and 60 participating companies, attracting more than 1000 attendees [1][4][5] Group 1: Conference Overview - The conference focused on international trends, opportunities in the bio-based industry, technology and industrialization, downstream applications, and innovation [1] - Key activities included three major awards, over 20 specialized sessions, and more than 10 core topic discussions, receiving high praise from the industry [1] Group 2: Key Presentations - Notable speakers included academicians and industry leaders discussing topics such as the development trends of the petrochemical industry during the 14th Five-Year Plan, advancements in bio-based polymers, and the industrialization of biodegradable rubber [1][4] - Presentations covered a wide range of subjects including nanocellulose, bio-based olefins, and sustainable thermosetting resins [4][5] Group 3: Sustainable Applications - The conference featured specialized forums on sustainable applications in automotive and packaging, discussing the green transition trends in the automotive industry and sustainable packaging developments [7][9] - Key discussions included the challenges and opportunities in sustainable packaging applications and the use of bio-based materials in automotive applications [9][7] Group 4: International Cooperation - The International Cooperation Forum highlighted Finland's leadership in sustainable development, challenges and opportunities in the European bio-based industry, and investment opportunities in the bio-plastics sector [13] - Discussions also included synthetic biological protein fibers and China's innovation cooperation practices [13] Group 5: Future Materials and AI - The AI Empowered Future Materials Innovation Development Forum addressed China's emergence as a global bio-manufacturing center and the role of AI in chemical new materials research and production [18][19] - Key themes included the challenges of bio-manufacturing and the opportunities presented by the AI era [18] Group 6: Industry-Specific Forums - The HMF-FDCA-PEF Industry Forum focused on the industrialization of non-grain glucose dicarboxylic acid and the sustainable material applications in cosmetic packaging [21] - Discussions also included the development trends of bio-based PEF materials and the engineering challenges in FDCA mass production [21] Group 7: Bio-based Leather - The Sustainable Applications Forum on Bio-based Leather featured discussions on mycelium leather materials and low-carbon circular production [26] - The forum also explored the core value and commercialization of the bio-based leather industry [26]

Group 1: Macro Insights - The total amount of special bond acquisition plans for stock land announced by various regions exceeds 350 billion yuan, but the actual issued special bond scale is low at only 56.1 billion yuan, indicating that the issuance pace needs further tracking [2] - Land "storage" is concentrated in regions with better economic and debt conditions, with issued land storage special bonds primarily from "self-audit" pilot areas [2] - Third and fourth-tier cities, facing significant destocking pressure, show higher enthusiasm for "storage" [2] Group 2: Industry Research - The report maintains a positive outlook on undervalued, high-dividend, and well-performing "three barrels of oil" and oil service sectors, recommending companies such as China Petroleum, China Petrochemical, China National Offshore Oil Corporation, and others [3] - There is a continued focus on domestic substitution trends benefiting material companies, particularly in semiconductor and panel materials, with recommendations for companies like Jingrui Electric Materials and Tongcheng New Materials [3] - The report highlights optimism for the pesticide, fertilizer, and private refining sectors, suggesting attention to companies like Wanhua Chemical and Hualu Hengsheng [3] - The vitamin and methionine sectors are also viewed positively, with recommendations for companies such as Andis and Zhejiang Medicine [3] Group 3: Company Research - The report on the company New Yisheng indicates that it is a leading high-end optical module company, with potential high performance growth driven by 800G/1.6T high-speed optical modules, raising profit forecasts for 2025-2027 to 6.721 billion, 8.883 billion, and 10.659 billion yuan respectively, with current PE ratios of 12X/9X/7X [4] - Longji Technology is positioned in high-growth areas, with an optimized business structure, and profit forecasts for 2025-2027 are set at 2.155 billion, 2.504 billion, and 3.044 billion yuan, maintaining a "buy" rating [5]

公开信息显示，现任基金经理杨琨先生:硕士,曾先后任职于益民基金管理有限公司、天弘基金管理有限 公司,从事行业研究工作。2010年加入诺安基金管理有限公司,历任研究员、基金经理助理。2014年6月至 2015年7月任诺安新动力灵活配置混合型证券投资基金基金经理。2017年8月起任诺安改革趋势灵活配置 混合型证券投资基金基金经理,2019年1月22日-2020年4月30日任诺安优化配置混合型证券投资基金基金 经理,2019年2月起担任诺安新经济股票型证券投资基金基金经理。现拟任诺安新兴产业混合型证券投资 基金基金经理。2020年3月10日起担任诺安新兴产业混合型证券投资基金基金经理。2020年3月24日至 2021年4月担任诺安双利债券型发起式证券投资基金基金经理。2022年10月15日至2025年3月6日担任诺 安新动力灵活配置混合型证券投资基金基金经理。 截止2025年3月31日，诺安新经济股票前十持仓占比合计34.08%，分别为：新天然气（4.63%）、招商 银行（4.60%）、紫金矿业（4.50%）、长江电力（3.49%）、中国石油（3.29%）、顺丰控股 （2.98%）、万华化学（2.91%）、北方稀土 ...

Group 1: Project Overview - Huizhou Water Special Materials Co., Ltd. has received approval for its carbon fiber composite materials project with a total investment of 50 million yuan, focusing on the production of various carbon fiber products [1] - The project aims to produce 60 tons of chopped fiber, 50,000 square meters of woven fiber, 350 tons of thermoplastic materials, 3 million square meters of fiber prepreg, 307,400 carbon fiber pipes, and 701,700 carbon fiber special-shaped parts annually [1] Group 2: Company Background - Huizhou Water Special Materials Co., Ltd. is a wholly-owned subsidiary of Shenzhen Water New Materials Co., Ltd., established in August 2021, to enhance the strategic layout of special polymer materials [1] - The company specializes in the production and sales of engineering plastics, synthetic resins, high-performance fibers, and composite materials [1] Group 3: Product Development and Applications - Water New Materials has developed thermoplastic carbon fiber composite materials using various thermoplastic resins, which are applied in industries requiring high mechanical performance and lightweight solutions, such as automotive and drones [2] - The company has launched a new line for thermosetting carbon fiber composites in 2024, producing lightweight and high-strength products, and has introduced a carbon fiber reinforced PPA material made from recycled aerospace waste [2] Group 4: Industry Trends and Competitors - The demand for carbon fiber composites is driven by the explosive growth of the low-altitude economy (drones, eVTOL) and robotics, creating new applications for these materials [3] - Competitors like Kingfa Technology, Nanjing Julong, and Huitong are also entering the carbon fiber sector, leveraging their expertise in modified plastics to meet the evolving market needs [3] Group 5: Competitor Developments - Kingfa Technology is investing 1.702 billion yuan in a project to produce high-performance prepregs and continuous fiber reinforced thermoplastic composites, with a production capacity of 35,000 tons and 100,000 tons respectively [4] - Wanhua Chemical and Baowu Carbon have partnered to establish a project with a total investment of 6.55 billion yuan, aiming for an annual production capacity of 120,000 tons of PAN-based carbon fiber [5] - Nanjing Julong is working on a production line for 30 tons of carbon fiber composites, with a focus on aerospace and low-altitude economy applications [6] - Plit has developed a series of carbon fiber reinforced materials for robotics and low-altitude flight, collaborating with Tongji University on new materials [7] - Huitong New Materials is producing ultra-high-strength carbon fiber reinforced polyamide materials for key components in robotics and low-altitude applications [8]

从中证新材料主题指数持仓的市场板块来看，深圳证券交易所占比54.67%、上海证券交易所占比 44.77%、北京证券交易所占比0.56%。 从中证新材料主题指数持仓样本的行业来看，工业占比43.47%、原材料占比33.01%、信息技术占比 23.52%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 跟踪新材料的公募基金包括：华宝中证新材料主题ETF联接A、华宝中证新材料ETF、国泰中证新材料 主题联接A、华夏中证新材料主题ETF联接A、天弘中证新材料A、平安中证新材料ETF、华夏中证新材 料主题ETF联接C、国泰中证新材料主题联接C、建信中证新材料主题ETF、华宝中证新材料主题ETF联 接C等。 金融界5月28日消息，上证指数高开震荡，中证新材料主题指数 (新材料，H30597)下跌0.8%，报2809. ...

【DT新材料】 获悉，近日， 惠州市生态环境局博罗分局拟对 惠州市沃特特种材料有限公司 碳纤维复合材料建设项目环境影响评价文件作出批准决定 并予以公开 。 项目总投资 5000万元 ，主要从事 短切纤维、编织纤维、热塑性材料板棒材、纤维预浸料、 碳纤维管材 和 碳纤维异形件 的生产， 预计年产短切纤维 60吨 、编织纤维 5万平方米 、热塑性材料板棒材 350吨 、纤维预浸料 300万平方米 、碳纤维管材 30.74万件 、碳纤维异形件 70.17万件 。 惠州市沃特特种材料有限公司 是 深圳市沃特新材料股份有限公司 的全资子公司， 成立于2021年8月。其设立旨在进一步完善 沃特新材料 的 特种高分 子材料 业务和战略布局，其主要经营范围包括工程塑料及合成树脂、高性能纤维及复合材料、石墨及碳素制品的生产与销售等。 目前， 沃特新材料 已开发了包括 短切碳纤维技术 和 连续长碳纤维技术 在内的，以 各类热塑性树脂（PP、PC、MPPE、尼龙、聚酯、LCP） 为基材 的 热塑性碳纤维复合材料 ，相关产品已应用于汽车、无人机、笔记本电脑、打印机复印机、自动柜员机等对机械性能和轻量化要求极高的行业 。目 前，公司新 ...

Investment Rating - Industry rating is Neutral (maintained rating) [1] Core Viewpoints - The basic chemical industry saw a slight increase in revenue in 2024, with a year-on-year growth of 2.6%, reaching a total revenue of 22,285 billion yuan. However, profits faced pressure, with a net profit decrease of 5.7% to 1,211 billion yuan [4][13]. - In Q1 2025, the industry experienced a year-on-year revenue increase of 5.4%, totaling 5,345 billion yuan, while net profit rose by 10.6% to 374 billion yuan [6][10]. - The overall gross profit margin for the industry in 2024 was 12.8%, a decline of 0.7 percentage points year-on-year, while the net profit margin was 5.6%, down 0.5 percentage points [4][13]. Summary by Sections Revenue and Profit Trends - In 2024, the basic chemical industry achieved a total operating revenue of 22,285 billion yuan, with a slight year-on-year increase of 2.6%. Operating profit was 1,564 billion yuan, down 4.1% year-on-year, and net profit attributable to shareholders was 1,211 billion yuan, down 5.7% [4][13]. - For Q1 2025, the industry reported operating revenue of 5,345 billion yuan, a year-on-year increase of 5.4%, and a net profit of 374 billion yuan, reflecting a 10.6% increase [6][10]. Profitability Metrics - The industry’s overall gross profit margin was 12.8% in 2024, a decrease of 0.7 percentage points from the previous year. The net profit margin stood at 5.6%, down 0.5 percentage points year-on-year [4][13]. - In Q1 2025, the net profit margin improved to 7.2%, with a year-on-year increase of 0.3 percentage points and a quarter-on-quarter increase of 4.7 percentage points [6][10]. Investment Recommendations - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants, phosphate fertilizers, and amino acids, while also considering sectors with stable supply and demand logic, including MDI and agricultural chemicals [8]. - It emphasizes the importance of identifying industries with marginal improvements in both supply and demand, such as organic silicon [8]. Construction and Fixed Assets - In Q1 2025, the growth rate of construction in progress fell into negative territory for the first time since 2018, indicating a shift in capital expenditure trends within the industry [7]. - The total fixed assets for the industry reached 13,979 billion yuan, reflecting an 11.9% year-on-year increase [7].

【冠通研究】 PVC：震荡下行 逢高做空 上游电石价格主流地区下跌25-50元/吨后稳定。目前供应端，PVC开工率环比减少1.51个百分点 至76.19%，PVC开工率继续减少，仍处于近年同期中性偏高水平。五一节后，PVC下游开工有所回升， 但同比往年仍偏低，采购较为谨慎。印度反倾销政策不利于国内PVC的出口，印度将BIS政策再次延 期六个月至2025年6月24日执行，中国台湾台塑5月份报价稳定，出口高价成交受阻，但低价出口交 付较好。另外，印度即将迎来雨季或限制未来中国PVC出口。上周社会库存继续下降，只是目前仍偏 高，库存压力仍然较大。2025年1-4月份，房地产数据略有改善，只是同比仍是负数，且新开工与竣 工面积同比降幅仍较大，竣工面积同比增速进一步下降。30大中城市商品房周度成交面积环比小幅 回升，但仍是历年同期偏低水平，关注房地产利好政策能否提振商品房销售。春检过半，据统计春 检规模不及去年同期，需求未实质性改善之前PVC压力较大。随着宏观情绪消化，下游观望增加，上 游电石价格持续下跌，PVC偏弱震荡。 【期现行情】 期货方面： PVC2509合约增仓震荡下行，最低价4743元/吨，最高价4798元 ...

Market Overview - The FTSE China A50 Index component stocks showed mixed performance with the oil and coal sectors gaining throughout the day, while the banking and automotive sectors fluctuated in the afternoon [1]. Sector Performance Insurance - China Pacific Insurance, China Ping An, and China Life Insurance had market capitalizations of 329.02 billion, 363.08 billion, and 970.42 billion respectively, with trading volumes of 1.145 billion, 1.396 billion, and 0.510 billion [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,930.78 billion, 229.35 billion, and 492.65 billion respectively, with trading volumes of 2.505 billion, 0.941 billion, and 2.291 billion [3]. Semiconductor - Northern Huachuang and Cambrian had market capitalizations of 222.93 billion and 254.64 billion respectively, with trading volumes of 1.757 billion and 2.779 billion [3]. Automotive - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,102.81 billion, 288.75 billion, and 196.18 billion respectively, with trading volumes of 6.513 billion, 0.296 billion, and 0.232 billion [3]. Oil Industry - COSCO Shipping, Sinopec, and China National Offshore Oil Corporation had market capitalizations of 702.22 billion, 1,526.39 billion, and 254.36 billion respectively, with trading volumes of 0.958 billion, 1.212 billion, and 1.193 billion [3]. Coal Industry - Shaanxi Coal and Ningde Times had market capitalizations of 201.56 billion and 790.97 billion respectively, with trading volumes of 0.591 billion and 0.634 billion [3]. Power Industry - Yangtze Power and China Nuclear Power had market capitalizations of 198.28 billion and 747.01 billion respectively, with trading volumes of 1.637 billion and 0.555 billion [4]. Food and Beverage - Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 303.76 billion, 376.74 billion, and 252.40 billion respectively, with trading volumes of 0.903 billion, 0.313 billion, and 0.616 billion [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Kairui Pharmaceutical had market capitalizations of 368.98 billion, 220.25 billion, and 358.24 billion respectively, with trading volumes of 2.024 billion, 0.616 billion, and 1.944 billion [4]. Home Appliances - Gree Electric, Haier Smart Home, and Muyuan Foods had market capitalizations of 261.47 billion, 209.77 billion, and 235.61 billion respectively, with trading volumes of 1.075 billion, 0.625 billion, and 0.761 billion [4]. Medical Devices - Mindray Medical, Wanhua Chemical, and SF Holding had market capitalizations of 172.40 billion, 232.84 billion, and 279.48 billion respectively, with trading volumes of 0.988 billion, 0.530 billion, and 0.844 billion [4]. Communication Services - Zijin Mining, China State Construction, and China Unicom had market capitalizations of 232.63 billion, 166.64 billion, and 477.87 billion respectively, with trading volumes of 1.782 billion, 0.509 billion, and 1.271 billion [4].

Core Viewpoint - The recent price increase of butadiene in China is driven by a combination of supply-demand dynamics, downstream demand recovery, policy benefits, and improved international trade conditions, indicating a systemic restructuring of the butadiene market [1][2]. Supply Dynamics - Sinopec raised the ex-factory price of butadiene to 11,100 yuan per ton, an increase of 800 yuan from the previous trading day, with prices in Shandong and East China reaching new highs in nearly five years [1]. - The current market shows a significant supply-demand imbalance, with a notable supply shortage due to maintenance of several production facilities, resulting in a monthly supply reduction of 50,000 tons [2]. - The unexpected shutdown rate of domestic butadiene facilities reached 12.7% in the first five months of this year, an increase of 4.3 percentage points compared to 2024, contributing to supply chain tightening [2]. Demand Dynamics - The downstream market for butadiene exhibits a dual trend, with traditional sectors like styrene-butadiene rubber and ABS resin facing production cuts due to cost pressures, while high-end applications see surging demand [3]. - In the automotive sector, the demand for hydrogenated nitrile butadiene rubber (HNBR) is increasing due to lightweight requirements, with specialized materials priced at 38,000 yuan, a premium of 120% over general materials [3]. - The aerospace materials sector is also experiencing over 30% growth in the application of specialty butadiene copolymers for seals and hoses [3]. Market Outlook - Analysts suggest that the primary driver of butadiene price increases in the short term is supply contraction, while the medium-term focus should be on the sustainability of downstream ABS capacity expansion [3]. - The rapid development of electric vehicles and smart home appliances is expected to continue boosting demand for ABS resin, further supporting the butadiene market [3].